FTX exchange CEO Sam Bankman-Fried believes that the legal sector and crypto/NFT adoption through gaming will be the most interesting aspects of the crypto industry in 2022.
Sam Bankman-Fried CEO of crypto exchange FTX, who is Forbes magazine honored as the richest crypto billionaire in the US and entered the Top 10 Cryptocurrency Industry Characters in 2021 of CoinDesk, on the morning of December 28 shared his personal expectations for the cryptocurrency market in 2022.
2) NOT INVESTMENT ADVICE
Also, this is just my opinion. Maybe I’m wrong!
— SBF (@SBF_FTX) December 27, 2021
Through a series of long posts on his personal Twitter page, the CEO of FTX acknowledged that the crypto industry of 2021 has made great strides and achieved many great achievements such as:
– Has a global user community of more than 200 million people;
– Possessing the endless potential of smart contract technology, which has started many trends in the past year such as DeFi/GameFi/Metaverse/Web3,…;
– Expanding the application of cryptocurrency to many aspects such as payment, remittance, NFT, information circulation, social network, asset tokenization, decentralized finance, etc;
– Initially created scaling solutions, but the new Layer-1, Layer-2, Lightning Network, Rollups,…, with transaction processing speed, can now be up to 50,000 transactions/s.
– Gets attention from both mainstream media.
However, Sam Bankman-Fried believes that the crypto sector still lacks a number of key factors hindering widespread adoption, and these need to be addressed in 2022 to sustain the market’s growth rate. school.
The first is the legal issue. Currently, many countries still do not have clear regulations on how to issue tokens, register operations, and manage stablecoins. This both prevents reputable institutions from entering the market, and leaves financial authorities with no suitable sanctions to work with crypto companies, leading to conflicts between the parties. The prime example is the United States, which in 2021 has been extremely concerned with stablecoin regulation and monitoring cryptocurrency business models that may fall into the category of securities. The US SEC committee is taking legal actions targeting projects like Terra, Uniswap, USDC because of that shortcoming.
14) Stablecoins are maybe the most straightforward: create a reporting/transparency/auditing based framework to ensure they are backed as they say they are: https://t.co/Xih6agSlpN
This would solve 80% of the problems while allowing stablecoins to thrive onshore.
— SBF (@SBF_FTX) December 27, 2021
16) Second, there should be standard markets oversight, in a unified regime that creates similar standards for spot, futures, etc.
And third, a disclosure, registration, and anti-fraud based regime for token issuances.https://t.co/5GEMXAK919
— SBF (@SBF_FTX) December 27, 2021
Therefore, the FTX CEO proposed to establish a transparent stablecoin audit and reporting process to ensure stablecoins are properly secured. According to him, this will be able to solve up to 80% of the concerns surrounding these US dollar-pegged cryptocurrencies. In addition, countries should also establish a standard monitoring framework for the entire cryptocurrency industry, covering spot, futures trading, etc., and a token issuance registration system. The FTX exchange itself has such recommendations, even explicitly stating it in posts on their website, as linked by Sam Bankman-Fried in the Twitter posts above.
Next, Sam Bankman-Fried turns to the issue of promoting cryptocurrency adoption. He believes that 50,000 transactions / s is still not enough to support the whole world, but blockchain networks need to increase this number to millions of transactions per second. In addition, crypto projects need to reach out to both buyers and sellers in order to trigger the network effect, showing that adoption comes from both sides.
21) The real goal, here, is to take a great game, and integrate NFTs in a way that makes the game better.
And, meanwhile, networks need to keep scaling.
I always laugh when a blockchain says they’re already fast. None are!
Fast means millions of TPS. No one is there yet.
— SBF (@SBF_FTX) December 27, 2021
The head of FTX further pointed out that Game NFT is one of the leading drivers of cryptocurrency adoption, bringing crypto to billions of gamers around the world. However, the limitation of Play-to-Earn games at the moment is that they are too focused on making money without creating an enjoyable gaming experience to retain players. So the goal of the crypto industry in 2022 is to have a really cool game and integrate NFT to make it even better.
Finally, CEO Sam Bankman-Fried encourages projects in the crypto industry to work together to build optimal solutions for users, helping each other move forward – because moving forward will be the only driving force. promote progress in the most sustainable way.
25) So let’s keep putting one foot in front of the other.
— SBF (@SBF_FTX) December 27, 2021
“Every time we do something nice and useful for the crypto industry, we push everyone forward. But every time you mess up, everything goes backwards.
So let’s just take a steady step forward.”
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